Derivatives (Tables)

3 Months Ended

May 01, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets:

	Fair value of derivative assets
(in millions)	Balance sheet location	May 1, 2021		January 30, 2021		May 2, 2020
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	$	0.1	$	—	$	—
Total derivative assets		0.1		—		—
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	0.1		0.1		0.1
Total derivative assets		$	0.2	$	0.1	$	0.1

	Fair value of derivative liabilities
(in millions)	Balance sheet location	May 1, 2021		January 30, 2021		May 2, 2020
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current liabilities	$	(0.3)	$	(0.3)	$	—
Commodity contracts	Other current liabilities	—		(0.1)		—
		(0.3)		(0.4)		—
Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current liabilities	(0.5)		—		(0.3)
Total derivative liabilities		$	(0.8)	$	(0.4)	$	(0.3)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships:

(in millions)	May 1, 2021		January 30, 2021		May 2, 2020
Foreign currency contracts	$	(0.6)	$	(0.7)	$	—
Commodity contracts	(0.4)		(0.4)		6.2
Gains (losses) recorded in AOCI	$	(1.0)	$	(1.1)	$	6.2

Derivative Instruments, Gain (Loss)

The following tables summarize the effect of derivative instruments designated as cash flow hedges on OCI and the condensed consolidated statements of operations:

Foreign currency contracts

		13 weeks ended
(in millions)	Statement of operations caption	May 1, 2021		May 2, 2020
Gains (losses) recorded in AOCI, beginning of period		$	(0.7)	$	(1.0)
Current period gains (losses) recognized in OCI		—		1.6
Losses (gains) reclassified from AOCI to net income	Cost of sales (1)	0.1		—
Gains from de-designated hedges reclassified from AOCI to net income	Other operating income, net (1)	—		(0.6)
Gains (losses) recorded in AOCI, end of period		$	(0.6)	$	—

Commodity contracts

		13 weeks ended
(in millions)	Statement of operations caption	May 1, 2021		May 2, 2020
Gains (losses) recorded in AOCI, beginning of period		$	(0.4)	$	17.7
Current period gains (losses) recognized in OCI		(0.1)		(1.4)
Losses (gains) reclassified from AOCI to net income	Cost of sales (1)	0.1		(0.8)
Gains from de-designated hedges reclassified from AOCI to net income	Other operating income, net (1)	—		(9.3)
Gains (losses) recorded in AOCI, end of period		$	(0.4)	$	6.2

(1)    Refer to table below for total amounts of financial statement captions impacted by cash flow hedges.

There was no material ineffectiveness related to the Company’s derivative instruments designated in cash flow hedging relationships for the 13 weeks ended May 1, 2021 and May 2, 2020 other than the items disclosed above during the 13 weeks ended May 2, 2020. As of May 1, 2021, based on current valuations, the Company expects approximately $1.0 million of net pre-tax derivative losses to be reclassified out of AOCI into earnings within the next 12 months.

The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated statements of operations:

		13 weeks ended
(in millions)	Statement of operations caption	May 1, 2021		May 2, 2020
Foreign currency contracts	Other operating income, net	$	0.9	$	(3.9)